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Blockchain Benefitting Supply Chain Management
The blockchain is a decentralized software mechanism that permits a master ledger of data and transactions to be accessed securely by multiple stakeholders. This technology is no longer confined to a single industry and is being adopted by a number of organizations. Various trials with blockchain technology prove to be successful both in the financial sphere, as well as in supply chain management and logistics.
The technology allows enables to securely track all types of transactions, opening up a new world of opportunities and possibilities across the supply chain. In the supply chain landscape, every time a product moves, each of the transactions could be documented.
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This can create a permanent history of a product, from manufacture to sale, while dramatically reducing delays, human error, and additional expenses. Moreover, with blockchain, each of the transactions is securely recorded and tracked which makes it much easier to view transactions in real time. This means that the users can receive updates and see what’s happening during every step of the process.
By harnessing the potential of blockchain technology, organizations can build the necessary value networks for an entirely new infrastructure for supply chain management with transparent structure. Adopting blockchain in the supply chain could boost transparency, as well as predictability by enabling the users to track where a shipment is at any given time. As blockchain comes with an immutable ledger type of architecture, goods transportation as well as their possession as it is moved from manufacturer to retailer could be entered into the ledger instantaneously and permanently. Moreover, as it has a decentralized structure, blockchain has no single point of failure.
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